New Delhi, Sep 1: Former Prime Minister Manmohan Singh expressed grave concerns about the state of the economy and said that India has a great potential to grow at a much faster rate but due to mismanagement by Narendra Modi government has resulted in this slowdown.
“The state of economy today is deeply worrying. Last quarter’s GDP growth rate of 5% signals that were in midst of a prolonged slowdown. India has potential to grow at a much faster rate but all round mismanagement by Modi govt has resulted in this slowdown,” he said.
Suggesting to Modi government to bring economy on track from the man- made crisis, Singh said, ” India cannot afford to continue down this path. Therefore, I urge the government to put aside vendetta politics and reach out to all sane voices and thinking minds to steer our economy out of this man-made crisis.”
“Pointing to the disastrous impact of the Modi’s faulty decisions of demonetisation and GST, Economist Manmohan Singh said, ” It is particularly distressing that the manufacturing sector’s growth is tottering at 0.6%. This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST.” Manmohan Singh said.
Manmohan Singh headed the Congress-led United Progressive Alliance (UPA) government as the 14th Prime Minister.Singh is credited with playing a key role in ushering in economic reforms in the 1990s, when India liberalised its economy. A celebrated economist, he entered politics during the peak of the 1991 economic crisis when late prime minister PV Narasimha Rao inducted him into the government as a finance minister.
He lifted the economy out of the balance of payments crisis and paved the way for economic reforms.